Client: WeBank

Industry: Digital Banking, Fintech

Location: China

Challenges

WeBank, China’s first digital bank, was established to revolutionize the traditional banking sector by providing a fully digital experience. However, launching a branchless digital bank in a highly competitive market posed significant challenges:
The need for a scalable digital banking platform that could handle high transaction volumes.

Ensuring seamless integration with third-party collaborators.

Offering diverse financial products to attract a large customer base while maintaining high-performance standards.

Solution

To address these challenges, WeBank implemented a comprehensive Digital Financial Platform. This platform included:

Basic Integration Platform

Facilitating smooth integration with various third-party services.

Modules for Administration, Customer, and Transaction Management:

Ensuring efficient operations across all banking functions.

Agile and Performance-Based Platform

Designed to support a high volume of transactions and rapid product deployment.

The platform’s unique business model allowed WeBank to:

  1. Provide a wide variety of products to create transaction volume.
  2. Support massive third-party collaboration, making it a versatile and robust solution.

Implementation

The project was executed over a period of 7 months, from October 2014 to April 2015. Key implementation highlights include:

  • First Digital Banking Launch in China: WeBank became the pioneer of branchless banking in the country.
  • Phased Rollout: The first phase of the platform was successfully launched within the projected timeline.
  • Third-Party Collaboration: Enabled through the agile platform, allowing for a wide range of product offerings.
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Results

The digital transformation led to significant outcomes for WeBank:

Massive User Base

The platform supported 20 million online users, handling up to 110,000 transactions daily.

High Loan Volume

The ‘WeiLiDai’ loan product alone facilitated over 300 billion RMB in loans.

Awards and Recognition

WeBank won numerous Fintech and Digital Banking awards across China and the Asia Pacific region between 2015 and 2016, cementing its position as a leader in digital banking.